Introduction
Trademark is a kind of intellectual property that can be of a logo or symbol or word or sign or phrase, etc.., used to symbolize or represent the entity or its products. Trademark is a unique registered symbol that separates one’s goods or services from others. Trademark registered for services is called service mark.
Generally, the Trademark is referred to as ‘Brand Name’. A Good Trademark or Brand name has unique characteristics of easy to pronounce, identify, and remember despite losing its uniqueness and distinctive character. A good brand name should resemble its quality of the product. Normally decisions of the consumers of choosing the products or services are more often controlled by the brand value and its reputation.
Benefits of Registering Trademark
Following are the major benefits of registering Trademark
Exclusive Rights
The Person or Entrepreneur who registered their Trademark shall enjoy exclusive rights to use the trademark or service mark in respect of the Goods or Services provided by such person. The main reason to register the trademark is that the registration restrains the unauthorized use of trademark by unauthorized persons. A trademark registration gives the power to the person registered to sue for infringement, money for damages, etc..,
Deterrent
The Trademark registration stops or deters other traders or persons from using the trademark which is identical or similar to the registered person’s trademark with respect to the goods or services provided by such person. By placing the symbol “®” on the logo states that it is a registered trademark and no person can use such a trademark. Moreover, such a registered trademark can be found when others search the official register before choosing to commence using a particular name.
Differentiates Product
Trademark or logo helps customers to easily identify or recognize their favorite products or services instead of looking at the name of the brand or company. The unique characteristic of the trademark of goods or services differentiates it from other products.
Improved marketing
A registered trademark or brand logo serves as an easy or better marketing tool. People will easily identify or recognize the products by way of a logo. Once the brand or logo or symbol gets popularised, there is no need of putting the real company name or brand name on advertisements. Especially, Kids and children are more often attracted to the brand logo.
Makes easy for Business expansion
Once the unique trademark has been found out and registered in the name of the person, it will be marked in the name of such a lawful person for the period of a lifetime. The registered person can step up the growth either in the same line of business or in some other line of businesses, under the same trademark. Building up of image and reputation creates an easy way to enter into the new business scale as there is no need for new introduction to customers.
Intangible Asset
A registered trademark serves as an Intangible asset (intellectual property) to the entity or organization, which can be sold, franchised, assigned or contracted for any commercial purposes. The registered trademark can be transferred like any other asset held or owned by the organization or entity.
Protection
Once the person has registered the trademark, there is no need to incur any kind of expenses in respect of such trademark for a period of 10 years from the initial registration. After 10 years a significantly low amount of maintenance cost and renewal cost is charged for such trademark registered.
Global Registration of Trademark
The trademark registered in India can be taken as a basis for registration of a trademark in the countries other than India. If one needs to expand the business and wants to go for globalization, the trademark registered in India can provide a favorable infrastructure with well-established goodwill and reputation in the country.